Egypt in talks with Cyprus to transfer gas: El Molla

CAIRO – 18 December 2017: Egypt is currently in negotiations with Cyprus to sign an agreement that would allow it to transfer gas to Egypt, Minister of Petroleum Tarek El Molla said Monday.

During his speech in the 1st Al-Ahram Energy Conference, El Molla said that the two sides are holding strategic negotiations with the European Union about connecting gas fields in the region.

"Egypt has cooperation with Jordan and Iraq in the field of oil and gas," El Molla added.
Both countries are currently building a $1 billion pipeline, which came under a deal between Cairo and Nicosia and which was signed in the Cypriot capital in August 2016.
Cypriot Minister of Energy Georgios Lakkotrypis said at that time that the pipeline will be operational between 2020 and 2022.

Egypt’s government will allow the private sector to be involved in gas importing and distribution in the country as stated by the New Natural Gas Market Law. After the law comes into effect, the government targets being a regional hub for the trade of liquefied natural gas (LNG), as a string of recent major discoveries are expected to make the country meet all its demand for gas by the end of 2018.